Last week, I went shopping with my wife looking for jewelry for my brother-in-law. He is getting married end of this year. As Chinese, it is customary for close siblings to give Gold during tea ceremony. We decided that it is best that we buy at today’s price rather than buying year end’s price. This is my first experience in buying gold from a local jewelry shop.
We headed down to Sungai Wang Plaza as there are few big franchise jewelry shops. After checking out few shops, we locked our eyes on a simple but elegant gold 916 bracelet from Tomei Jewelry shop located at BB Plaza. Gold was priced at RM205/gram that day.
We started bargaining.
“8.5grams is…”, Mr Pang in his 50’s, a senior sales executive punched his calculator.
“RM1,742.5… plus workmanship of RM60.”
Punch* Punch* Punch*
“Only RM1,802.5 for this nice bracelet. Good price!”.
My wife went on with the kill, “Cheaper-lah….”
Mr Pang returned a short smile and worked on his calculator again.
“Ok, special for you. Workmanship I slashed it down to RM30. Gold price is fixed. We follow the standard price published by Gold Association of Malaysia. All shops in Malaysia have the same price for Gold.”
Mr Pang paused for a second before continuing, “However some shops around Masjid Jamek does not follow the guideline. I would not recommend you buying anything from that area. They may short change you.”
I nodded and we settled for the bracelet. Mr. Pang then sent the bracelet for packaging.
While waiting, I inquired about selling the item back to them.
“How much can I sell back this piece of jewelry?”
He turned his flabby belly towards the back and he pointed to a Gold price sign hanging next to a clock, “To sell it back, the price is 25% off the selling price. For instance, today’s price is RM205. Thus, we pay you RM153.75 per gram.”
“Cash or check?”
With a big grin on his face, “Cash.”
“However, if you want to upgrade your jewelry, then it is only 20% off the rack price.”
“How does that work?” – I asked with a wonder look.
“Say you are bored of this bracelet. The design maybe out-fashioned or you decided to upgrade your jewelry, bring back this piece of gold with original receipt and choose another design. Then you just pay the top up price for your next jewelry.”
He then handed me the packaged bracelet together with the receipt.
While we all aware that we should never ask investment advises from a gold jeweler, I popped the famous question, “So, what do you think about the coming prices of Gold for the months to come? Good to invest?”
“Definitely! Definitely! It is a good investment! Price will be going UP!”
We exchanged hand shake and walked out the store.
I am almost certain that my new sister-in-law will love this wedding gift.